Trade tensions

China had pledged to retaliate against Mr Trump’s threat to put a 10% tariff on another $300bn (£246.7bn) of Chinese imports.

At the time, China blamed the weakening of its currency on the market, suggesting investors were concerned about the escalating trade war between the two countries.

That was supported by the International Monetary Fund, which found that the currency was valued fairly.

Under the US definition, currency manipulation is the deliberate effort by a country to influence the exchange rates between its currency and the US dollar to gain an “unfair competitive advantage in international trade”.

Mr Trump, who blames China for a decline in US manufacturing, promised to label China a manipulator during his 2016 election campaign.

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